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My impression of the Eurogroup deal: Politically, it’s encouraging to see a compromise. Practically, the ECB will continue to do most of the heavy-lifting. And, yes, debts remain national. #Eurogroup
Germany 
and France 
get a deal
Spain
and Portugal 
some extra tools
The Netherlands
sticks to its red lines
Italy
? Not much, but it already has the ECB
#Eurogroup
and France get a deal Spain
and Portugal some extra tools The Netherlands
sticks to its red linesItaly
? Not much, but it already has the ECB#Eurogroup
But to me the biggest, silent winner of these few weeks is... Greece 
. The ECB has included Greek sovereign bonds in its asset purchases and relaxed its rules to accept them as collateral. Greece is now back on an equal footing, and has a much stronger safety net. #Eurogroup
. The ECB has included Greek sovereign bonds in its asset purchases and relaxed its rules to accept them as collateral. Greece is now back on an equal footing, and has a much stronger safety net. #Eurogroup
The biggest loser? Giuseppe Conte. Italy already had won major concessions at the ECB. He chose to drum up the idea of Eurobonds, even though they always looked far-fetched. For all the rhetoric, Italy failed to win support and had to fold. He now has little to show #Eurogroup
already had won major concessions at the ECB. He chose to drum up the idea of Eurobonds, even though they always looked far-fetched. For all the rhetoric, Italy failed to win support and had to fold. He now has little to show #Eurogroup
